Producer and consumer surplus 1.0 / 5 based on 1 rating ? EconomicsConsumer and producer surplusA2/A-levelOCR Created by: courtney_nsgCreated on: 20-03-17 15:11 What is producer surplus? The difference between what producers are willing and able to supply a good for and the price they actually receive 1 of 6 What is consumer surplus? The difference between the price consumers are prepared to pay and the market price. 2 of 6 When consumer surplus is high... It's inelastic 3 of 6 When consumer surplus is low... It's elastic 4 of 6 Consumer surplus effects what on the supply and demand curve? Demand 5 of 6 Producer surplus effects what on the supply and demand curve? Supply 6 of 6
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